ORLANDO, Fla. and CLARK, N.J., July 7, 2005 – Kirchman Corporation and Prime Associates, both Metavante companies, today announced that Great Florida Bank has selected Kirchman Bankway® as its core banking solution and Prime’s Compliance Manager™ for regulatory compliance. With assets over $500 million, Great Florida Bank, headquartered in Miami Lakes, Fla. plans to operate Kirchman Bankway in house on a Sun Microsystems V890 computer system. In addition, Great Florida Bank will implement Prime Associates’ BSA Reporter™, EDD Reporter™ and OFAC Reporter™ as part of the safeguards needed to adhere to more demanding compliance mandates.
“Kirchman’s ability to offer a truly seamless integrated core technology solution was key in our decision,” said Mehdi Ghomeshi, chief executive officer, Great Florida Bank. “The partnership will empower our associates to create a more personal experience for our customers and expedite daily transactions. Prime’s three regulatory products will help us achieve the goal of being one of the most secure and compliant financial institutions in the banking industry. We’re confident that our agreement with Prime Associates will allow us to be just that.”
Established in 2004 by a group of South Florida business and community leaders, Great Florida Bank currently serves several counties in South Florida. After raising a record $60 million in its first stock offering, Great Florida Bank opened for business in June 2004.
The Kirchman Bankway core banking software is a single customer-centric database that allows bank personnel to complete transactions at the point of service. Financial institutions can easily tailor its products and services to meet the unique demands of its market, while reducing the high costs associated with custom programming. Additionally, Kirchman Bankway open system design allows for seamless connections to third-party delivery channels, such as Internet banking and voice response systems.
“The Great Florida Bank agreement demonstrates the benefit of having numerous complementary technology solutions available for our clients from a single provider in Metavante. Kirchman clients are finding that they can meet many of their business priorities and customer demands by leveraging technologies from one source,” said Rachel A. Landrum, president, Kirchman Corporation. “Our strategy of enabling financial institutions to effectively compete and grow supports Great Florida Bank’s mission and enriches the products and services they provide to their customers.”
Prime’s Compliance Manager is an integrated suite of compliance solutions, with each module working to compliment one another. BSA Reporter provides the anti-money laundering functions of suspicious activity detection, customer and peer group profiling, rules-based analytics, and case management. Comparatively, EDD Reporter provides “know your customer” and customer identification program compliance functions, risk-based modeling and identity verification, which are becoming a compliance industry standard. Prime’s OFAC Reporter provides heightened awareness of politically exposed persons and financial fraudsters on a global basis and helps financial institutions meet mandates set by global sanctioning bodies.
“Great Florida Bank is one of the fastest growing community banks in the country and we will apply our expert approach to deliver a comprehensive compliance solution specific to their needs,” said Salvatore Cangialosi, president, Prime Associates, Inc. “Our main focus is to reduce the burden on financial institutions today by helping our clients deal with seen and unforeseen risks.”
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